Stoke City chairman Coates wants tighter financial regulations

The 74-year-old has the backing of the majority of his peers and is hopeful that the next meeting - on February 6 - will see a change in how much clubs spend per season

Stoke City chairman Peter Coates wants the Premier League to introduce a spending and wage cap to limit how much clubs shell out on players.

The 74-year-old believes tighter controls on wages and transfer fees would be good for the English game and met with fellow chairmen this week to discuss his ideas.

He told The Sentinel: "I just think if you look at all major sports in all major leagues they have some form of financial controls. Why should the Premier League be any different?

"It is still a work in progress. We think it would be good to have financial controls, but you have to get agreement."

For the Premier League to pass new regulations, at least 14 of the division's 20 clubs have to agree to the measures put in place.

Manchester City and Fulham are the only clubs reportedly against these new regulations, especially the former as they would receive limited funding from Sheikh Mansour, who made a loss of £97.9 million at the champions last season.

An increase in the worth of the Premier League's television deals could see clubs given a share of £3 billion from next season, which could result further inflation of wages.

Any decision will not be made until February 6, as this is the next time Premier League club owners will meet.